Friday, July 31, 2009

The NonProfit Times - Donor Scales Back Major Gift To University

The NonProfit Times - The Leading Business Publication For Nonprofit Management: "Two and a half years after announcing the largest gift in school history, Florida Atlantic University (FAU) will have to settle for less than a third of the donation.

Citing the economic downturn, life insurance mogul Barry Kaye informed FAU officials on Monday that he would be unable to fulfill the $16-million pledge he made in January 2007, and instead will make a $5-million gift. The university renamed its College of Business for Barry and Carol Kaye after the $16-million pledge, which also was to establish an endowment to support academic programs, faculty and students."

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